Get Insurance Quotes

Premiums growing faster than economy in emerging Asia

Premiums growing faster than economy in emerging Asia

Lloyd’s has said that emerging Asia’s insurance industry is rapidly developing, with growth in gross written premiums overtaking the region’s economic growth.

CEO Inga Beale stated that the insurer will capitalise on the growth in emerging Asia to boost growth of Lloyd’s specialist insurance business.

Beale, who was in Singapore for the SIRC conference, added that the growth potential in China, India and the Asean region exists because of the very low base insurance coverage in these countries.

While demand for insuring against risks to construction projects and other infrastructure has increased in the region, Beale revealed that demand against cyber and reputation risk as well as against aviation and terrorism risks are expected to rise.

Emerging markets accounted for nearly 50% of the world’s commercial insurance growth in the last three years and Lloyd’s wants to capture a substantial chunk of the market.

Last year, Lloyd’s only captured about 0.5% of the growth from its London headquarters

Cornerstone investors have committed about US$1.12 billion to China Re as it seeks to launch its IPO in Hong Kong, according to a report.
China Re, the largest reinsurance company in China and the......

More than half of Asian insurers now say they are planning to increase their risk exposure, according to a new survey by BlackRock, even as the US Federal Reserve seems on the verge of a shift in......